What is the definition of population?
All the members of a group about which you want to draw a conclusion - defined by the survey writer.
What is the definition of a parameter?
A numerical measure that describes a characteristic of a population. eg. percentage or means
What is the definition of a census?
Gathering information from the whole population to calculate a parameter.
What is the definition of a sample?
A subset of the population - the portion of the population selected for analysis.
What is the definition of a sample statistic?
A numerical measure that describes a characteristic of the sample.
What are the six steps of the research process?
1) Define the broad problem
2) Refine the research question
3) Design the research
4) Collect the data
5) Prepare and analyse the data
6) Present the results
What is the business decision cycle?
Data -> Information -> Decisions -> Actions
What is ethics?
The process of evaluating and addressing whether an action is right/wrong, good/bad
What code of ethics governs the universities of Australia?
The Australian Code of Responsible Conduct of Research
What are the common components of a code of ethics in Australia?
What are the important ethical standards in analysis and reporting?
What is the definition of survey?
The method of collecting data using a structured questionnaire. The survey is the methodology for collecting the data.
What is a questionnaire?
A formalised set of questions used to obtain data.
What is data?
The raw facts available to us which generally do not have value until processed.
What is information?
Data that has been processed appropriately for the context in which it is going to be useful.
What is market research?
It is the systematic and objective identification, collection, analysis and dissemination of information undertaken to improve managerial decision making related to the identification of and solution of problems and opportunities
What are three characteristics of market research?
1) it is systemic - planned and documented
2) it is objective - accurate and free from bias
3) allows identification, collection and dissemination
Market research in business is used to make what types of decisions?
strategic - broad objectives over an extended timespan
tactical - more operational and detailed in nature.
What are the uncontrollable environmental factors that cannot be changed by a business?
What are the controllable marketing variables?
What are four to five examples of strategic decisions?
What are four to five examples of tactical decisions?
What are the two reasons why market research may be conducted?
1) Problem identification - to identify problems that are not necessarily apparent
2) Problem solving - to solve specific marketing problems.
What are some examples of problem identification research?